While You Suffered Through 2021, Automotive CEOs Raked In 80% More Compensation
A strong stock market in 2021 meant that the chief executive officers of automakers made substantially more in 2021 than they did the year before. Unsurprisingly, Tesla CEO Elon Musk was the biggest winner last year.
According to a study commissioned by Automotive News, Musk made $23.5 billion in 2021, which made him the highest paid chief executive at a publicly traded U.S. company in the automotive industry.
“In 2021, the economy was doing very well and the stock market was doing very well and that’s reflected in the gains that executives saw this past year,” Courtney Yu, the director of research at Equilar, which conducted the study, told Automotive News. “In the case of Elon Musk, if you decided to exercise stock options, to the tune of over $23 billion, it was definitely a good year for people owning equity.”